Connected Health Market size will showcase promising growth between 2021 and 2027 due to increasing government investments across the healthcare sector in developing economies. The emergence of latest point of care models and expanding geriatric population has given way to higher adoption of connected healthcare devices to offer real-time monitoring and sharing of patient data. Growing internet penetration specifically in the developed and developing countries and intensifying patient-centric approach will also play a crucial role in the market expansion.
Connected healthcare is primarily a healthcare management system, deployed with health technology and mobile telecommunications, to empower hospitals and clinics among other healthcare services to offer care remotely. The insufficiency of security standards along with increasing risks of data loss and complexity may pose a challenge to the market progression.
Based on type, the e-Prescription segment will grow at a robust pace through 2027 owing to increasing adoption by physicians and medical professionals to limit the number of pharmacist errors. Apart from improving the quality of treatment, patient protection, and precision, e-Prescription offers enhanced patient drug adherence and effective monitoring of patient prescription fulfillment. Increased prescription efficiency, reduced number of readmissions, and instant clinical alerts are some major determinants for the industry growth.
The market remuneration will expand from healthcare management applications led by the higher obligation for reliable, complete and reproducible health information. Rising product penetration in healthcare and public health systems, medical facilities, and hospitals will also influence the segment growth.
With regards to end-use, the demand for connected healthcare solutions across hospitals and clinics is anticipated to rise. The surging need by medical professionals for EHR records and remote patient monitoring systems for effective management has resulted in the growing deployment of IoT-enabled healthcare solutions. The increasing acceptance of IoT technology and rise in number of hospitals and clinics with improved access to healthcare will foster market development.
North America will capture a considerable remuneration for connected health market on account of the booming elderly populace and large availability of major industry players. Rapid technological enhancements in the region have made way for a well-developed healthcare and internet infrastructure. The presence of leading pharmaceutical giants has reinforced efficient distribution channels for connected health solutions. Increasing preference for healthcare products coupled with the soaring number of mobile applications focusing on wellness and wellbeing are other factors driving the regional growth.
Leading participants in the market include IBM Corporation, GE Healthcare (General Electric), Boston Scientific Corporation, Airstrip Technology, Medtronic, Microsoft Corporation, Oracle Corporation, SAP SE, Koninklijke Philips N.V, and Accenture Plc.
Strategic initiatives, such as partnerships, acquisitions, and mergers, coupled with new product launches, and investments, are some marketing and growth measures implemented by these healthcare firms to attain competitive benefits.
For instance, in September 2021, Medtronic India partnered with Statis Health, a unit of Stasis Labs, for promoting the latter’s bedside patient monitoring system across India. The connected care monitoring system comprises a bedside monitor and a cloud-connected app to offer remote monitoring across devices.
In another instance, in August 2021, Royal Philips added two novel products, including a patient flow capacity system and the other focusing on acute care telehealth space to its HealthSuite.
In response to the COVID-19 crisis, industry observed substantial growth. This is attributed to the rising requirement for transforming the healthcare experience for healthcare workers and patients. The growing necessity for an agile and inter-professional workforce to deliver team-based care through an empowered front-line staff leveraging technology for offering higher-value work added an edge to the usage of connected health systems. Continuous access to health services in safe and convenient approaches mainly in the post-COVID-19 world will also favor the market growth.
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